DBRS Finalizes Provisional Ratings on Freddie Mac Structured Pass-Through Certificates, Series K-092

DBRS, Inc. (DBRS) finalized its provisional ratings on the following classes of Structured Pass-Through Certificates, Series K-092 issued by Freddie Mac Structured Pass-Through Certificates, Series K-092:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class X1 at AAA (sf)
-- Class XAM at AAA (sf)
-- Class A-M at AA (high) (sf)

All trends are Stable.

The Class X1 and XAM balances are notional.

Freddie Mac guarantees (1) timely payment of interest; (2) payment of related principal on the distribution date following the maturity date of each mortgage loan to the extent that such principal would have been distributed to the underlying Class A-1, Class A-2 and Class A-M certificates; (3) reimbursement of any realized losses and additional trust fund expenses allocated to the Class A-1, Class A-2 and Class A-M certificates; and (4) ultimate payment of principal by the assumed final distribution date for the underlying Class A-1, Class A-2 and Class A-M certificates. All classes will be subject to ongoing surveillance by DBRS after the date of issuance. The ratings assigned by DBRS at issuance are based exclusively on the credit provided by the transaction structure and underlying assets of FREMF 2019-K90 Mortgage Trust, Series 2019-K90 without regard to the Freddie Mac Guarantee. DBRS may take the Freddie Mac Guarantee into consideration for future rating actions.

All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed or discontinued by DBRS.

For supporting data and more information on this transaction, please log into www.viewpoint.dbrs.com.

Notes:
The principal methodology is the North American CMBS Multi-borrower Rating Methodology, which can be found on www.dbrs.com under Methodologies & Criteria. For a list of the structured-finance-related methodologies that may be used during the rating process, please see the DBRS Global Structured Finance Related Methodologies document, which can be found on www.dbrs.com in the Commentary tab under Regulatory Affairs. Please note that not every related methodology listed under a principal structured finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.

With regard to due diligence services, DBRS was provided with the Form ABS Due Diligence-15E (Form-15E), which contains a description of the information that a third party reviewed in conducting the due diligence services and a summary of the findings and conclusions. While due diligence services outlined in Form-15E do not constitute part of DBRS’s methodology, DBRS used the data file outlined in the independent accountant’s report in its analysis to determine the ratings referenced herein.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.

The full report providing additional analytical detail is available by clicking on the link under Related Documents below or by contacting us at info@dbrs.com.

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